Oil Embargoes And Gas Restrictions Have Been Imposed By The West On Russia As A Result Of The Conflict In Ukraine
The United States and the United Kingdom have banned Russian oil, and the European Union has ended its reliance on Russian gas, ratcheting up the economic response to Ukraine's invasion. The move, according to US President Joe Biden, is aimed at "the main artery of Russia's economy." Energy exports are a major source of income for Russia, but the decision is expected to have an impact on Western customers. Meanwhile, major corporations have continued to withdraw from Russia, with McDonald's and Coca-Cola being the most recent to do so. The economy of Russia is strongly reliant on energy. After Saudi Arabia and the United States, it is the world's third-largest oil production. The economy of Russia is strongly reliant on energy. After Saudi Arabia and the United States, it is the world's third-largest oil production. Russia warned of "catastrophic" consequences for the world economy before the sanctions were revealed, and suggested it might shut d